Agenda - 11-16-1993 - VIII-A (2)

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benefit accruing by virtue of the provisions hereof, or exercising the rights of the Beneficiary hereunder. Nothing contained in this paragraph 2 . 7 shall be construed to limit the Grantor' s obligation to pay costs, attorneys' fees, and expenses as provided in the Contract. 2 . 8 Amounts Secured; Obligations . This Deed of Trust secures the Obligations, including without limitation all indebtedness arising under or evidenced by the Bonds and the Additional Bonds, whether now existing or hereafter existing or arising, and all present and future other sums from time to time owing under the Trust Indenture or this Deed of Trust (collectively, the "Obligations") . The amount of the present disbursement secured hereby is $ , and the maximum principal amount which may be secured hereby at any one time is $ . The time period within which such future disbursements are to be made is the period between the date hereof and the date 15 years from the date hereof . Disbursements secured hereby shall not be required to be evidenced by a "written instrument or notation" as described in Section 45- 68 (2) of the North Carolina General Statutes. SECTION' 3 Foreclosure 3 .1 Power of Sale. Upon the occurrence of any one or more of the Events of Default under the Bonds, the Additional Bonds, the Deed of Trust, or the Trust Indenture ("Events of Default") and if the maturities of the Bonds or the Additional Bonds hereunder shall have been accelerated as provided in the Trust Indenture, all of the obligations hereby secured shall immediately become due and payable, at the option of the Beneficiary, and, upon the direction of the Beneficiary, the Deed of Trust Trustee shall sell all or any part or parts of the Mortgaged Property at public auction for cash after first having given such notice as to commencement of foreclosure proceedings and having obtained such findings or leave of court as may then be required by law and upon such sale and any resale and - upon compliance with the law then relating to foreclosure proceedings under power of sale to convey title to the purchaser in as full and ample manner as the Deed of Trust Trustee is empowered. 3 .2 Application of Proceeds. The Deed of Trust Trustee, having retained one-half of one percent (0 .5%) of the gross proceedings of such sale as a commission for his services and having retained also all advertising and other expenses incurred by him, including a reasonable attorneys' fee for legal services actually performed, shall apply the net proceeds first to the payment of any taxes or assessments that may be a lien against the Mortgaged Property superior to this Deed of Trust, unless the Deed of Trust Trustee advertised and sold the same subject to taxes or assessments; then to the sums secured by this Deed of Trust in accordance with the Trust Indenture; then the balance, if any, to 5